2nd Circ. Nixes Appeal In Vivendi Foreign Share Action

Law360, New York (July 22, 2011, 2:59 PM EDT) -- The Second Circuit on Wednesday rejected an appeal of a lower court’s decision to pare a class of Vivendi Universal SA shareholders that claims the French media giant artificially inflated its foreign shares, saying the petition was incorrectly brought under federal class action rules.

A Miami-area public pension fund had sought to challenge the February ruling of U.S. District Judge Richard Holwell under Federal Rules of Civil Procedure Rule 23. Judge Holwell had trimmed the class to include only those investors from the U.S., France, England...
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